Most people go for bank loans to
bring up these businesses. The business if therefore not well managed, you can
end up losing everything that you own as far as the business is concerned. The
moment you proof to be unable to repay the mortgage, the lender can take you to
court. It is true that you an easily lose your property through the extrajudicial auction of real estate(leilão
extrajudicial de imóveis) upon the determination of the case by the
executive judge. The court clerk will sign the certificate of sale to whoever
that would have provided the highest bid.
The inability of repaying back
the loan could have been caused by your fiduciaries. You too have a right to go
to court and fight for your right. You cannot entrust people with the running
of your business and they fail you. However, the fiduciaries have their rights
too. With the enactment of the Fiduciary
Assignment Act(Lei das alienações fiduciárias), you will have difficult
time in trying to convince court how liable the fiduciaries are as far as your
business’ downfall is concerned. You will be required to supply the court with
the necessary documentations on your agreements.
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